Details of Surplus

The LAO report found that California is on pace by June 30 to exceed revenue estimates in Gov. Jerry Brown's (D) fiscal year 2015-2016 budget proposal by about $4 billion, in large part because of increases in income tax revenue.

According to the report, California:

Received $1.3 billion more in income tax than projected by the end of March; and

Is expected to surpass estimates for April income tax revenue by $1.3 billion to $1.7 billion.